Biden in a 'lot of trouble' as economic trends turn 'frightening,' warns Charles Payne
Fox News
FOX Business Network host Charles Payne tells 'Hannity' that economic indicators show that the situation is about to get 'a whole lot worse' before the 2024 election.
CHARLES PAYNE: He's [Biden] in a lot of trouble, but it's going to get a lot worse. The trends on the economic data are frightening… frightening. We see the smallest banks right now, their delinquency rates are 7.5%, it's off the rails, but the large banks are turning up. Credit card interest rates just cracked 22% as defaults are going through the roof. All the economic indicators point to extreme pain, and it's going to be exponential. … It's gradual, and then it's going to feel like a rocket ship and Americans just aren't prepared for it. You know, all of the free, steady money is gone. We're still dealing with inflation. People are trying to batten down the hatches. Our gasoline inventories are at a five-year low. Obviously, the Strategic Petroleum Reserve is at its lowest levels since 1983. Four dollars may look cheap three months from now, and $4 may look cheap for what looked like the good old days three or four months from now. The trajectory, right no that we're on, all the indicators point to what we're feeling right now is just the very tip of the iceberg. It's going to get a whole lot worse.
The U.S. economy has a better chance than not of tumbling into a recession within the next year as inflation remains uncomfortably high, according to Deutsche Bank strategists.